KUALA LUMPUR: Tanco Holdings Bhd has engaged Impiana Hotels and Resorts Management Sdn Bhd to manage and operate Splash Park Suites — its first resort in Port Dickson, Negeri Sembilan.
Splash Park Suites is the resort component of a proposed mixed commercial development called Splash Park, located within Tanco's Palm Springs Resort City in Port Dickson. It comprises 830 fully-furnished serviced units, with built-ups of between 340 sq ft and 685 sq ft. The units are sold at RM800 per sq ft.
The 23-acre (9.2ha) Splash Park has three phases and a gross development value (GDV) of RM600 million. It is developed by Splash Park Sdn Bhd, a subsidiary of Tanco. Phase 1 comprises an eight-acre water park, restaurants, entertainment and retail stores, with a 250-room hotel complete with MICE, meeting, incentive, conference and exhibition facilities.
Phase 2 will have more serviced units, and phase 3 will house a hotel.
The serviced suites are being offered on a sale and leaseback basis, with a guaranteed rental return of upto 9% per annum, over nine years.
Tanco executive director Chan Chee Meng said the arrangement with Impiana is a strategic move.
"Impiana has the extensive experience and expertise in managing and operating resort hotels in Malaysia, and the region. Moreover, Impiana is an award-winning four-star luxury hospitality brand that is highly-rated for its guest experiences by international travellers," he said.
Foundation work has started for Splash Park and is expected to be completed at end-2017 or early 2018.
The 400-acre Palm Springs Resort City has a GDV of RM5 billion. Further components in the pipeline will include an international destination-based spa, retirement village, international hotel and serviced residences, a wellness zone, marina and duty-free shopping outlets.
Currently, Tanco has 170 acres of land in Lake Kenyir, and two acres in Kuantan, Pahang. It has plans to develop these parcels into tourism-related products.
This article first appeared in The Edge Financial Daily, on August 30, 2013.